Pemex to become "better company" with energy reform, says Lozoya

Pemex will modernize its corporate structure and improve its
finances with the energy reform that was passed by
Mexico’s government in December, the
firm’s chief executive Emilio Lozoya has written
in the latest issue of LatinFinance.

Acknowledging the challenges that greater competition will
bring, Lozoya writes in the January/February issue of the
magazine that the reform will allow Pemex to work "more like a
corporation and less like a government agency".

Pemex will examine ways to optimize its capital base, and new
ways to finance non-core businesses. "With this transition,
Pemex will remain the leading company in Mexico, with greater
access to technology, and will embark on a gradual course to a
much more solid financial position."

The company plans to introduce a "more dynamic and efficient
corporate structure", and develop an "arm’s length
relationship" with the federal government.

"The reform provides Pemex the means to overhaul and improve
the economics all the way along the entire value chain," Lozoya
writes.

"We have the means and we will have the tools to become a
better company and stronger source of wealth and prosperity for
our country." LF